[John Tower Speech to Corsicana Lions Club about the Economy, July 13, 1976] Page: 1 of 6
This text is part of the collection entitled: Senator John G. Tower Collection and was provided to The Portal to Texas History by the Southwestern University.
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CORSICANA LIONS CLUB, JULY 13, 1976
Thank you Billie, for that very kind introduction. Lions and guests, my fellow
Texans, it"s a great pleasure to be here today. It is always flattering for a
Kiwanian to be invited to address the Lions, and you know what a Kiwanian is--
that's a fellow that's not dignified enough to he a Rotarian, but he's too
dignified to be a Lion.
I thought I would make my remarks to you brief today and give over the major
portion of our time to answering questions. I think it is incumbent on those of
us who represent you to respond to your questions, and it is really helpful
for us to know the things you are principally concerned about.
I think that we can say that the American economy is basically sound. That it
is progressing in an orderly way out of the recession that we were in and that
it will continue its orderly progress for the forseeable future, but I think this
is contingent on whether or not the Congress acts in a proper manner toward the
economy, respecting the fact that a market-regulated economy, if left alone,
will right itself when it has something wrong with it. And, I think that we in
Congress too often are fighting yesterday's wars today; that is, we always react
to some situation in the economy and by the time we react the problem is
ameliorating itself or perhaps it has already gone away. And one thing that I
think we should understand about recession is that recessions are caused by
inflation and inflationary expectations, and one of the principal causes o
inflation is government. Now, perhaps some of you are aware that governmnt
occupies 60 percent of the debt market today. That leaves only 40 percent
to the private sector, and government spending is inflationary because it is
For the most part, consumptive spending. It does not go,except for some public
works projects,into capital formation and to the expansion of capital.
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Tower, John G. (John Goodwin), 1925-1991. [John Tower Speech to Corsicana Lions Club about the Economy, July 13, 1976], text, July 13, 1976; (https://texashistory.unt.edu/ark:/67531/metapth612185/m1/1/: accessed April 26, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting Southwestern University.